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"The policy response at the European level has in our view not kept up with the rising challenges in the euro zone," S&P credit analyst Moritz Kraemer said on the call, forecasting a 40 percent chance of euro zone gross domestic product contracting by up to 1.5 percent in 2012.
The downgrades were delivered hours after talks between private bond holders and the Greek government aimed at restructing Greece's vast debts broke down,nike shoes cheap pushing Athens closer to default, an event that would tarnish euro zone unity and pose a contagion threat which could engulf the bloc.
In Germany - whose top AAA rating survived unscathed - Chancellor Angela Merkel said the downgrades underlined why a so-called 'fiscal compact' must be signed by member states quickly, and the next bailout mechanism, known as the ESM, should be funded soon.